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Minnesota’s Congressman Blasts Gary Gensler For Declining Much-Requested Bitcoin Spot ETF

U.S. House of Rep member puts Gary Gensler on blast over Bitcoin Spot ETF saga.　　The SEC chair has failed to respond and continues to reject spot-settled crypto ETFs.　　Reactions that have followed Emmer‘s inquiry implies that the SEC’s stance seems dubious　　U.S. House of Representatives member, Tom Emmer (R-MN-06), has called out SEC chair, Gary Gensler, for failing to respond to his inquiries on why a spot settled Bitcoin ETF was not being approved when the commission had approved a futures-based Bitcoin ETF.　　His query alludes to the bipartisan letter written by himself and Darren Soto (D-FL-09), sent to Gary Gensler just over a month ago. In the letter, the reps stated that they considered the SECs handling of the cryptocurrency ETFs to be “unacceptable.” They argued that if the SEC was comfortable with a futures-based ETF coming to the market then it was only right that they should also allow a physically-backed one to also trade.　　The letter asked the SEC to provide reasonable explanations for why they thought that the two kinds of ETFs were significantly different, as the reps did not agree with the SECs sentiment. The reps held that American investors deserved consistency in policies and choices.　　Divided over spot settled

2021-12-06Deep Dive

A Multichain World Is Key to the Success of Web 3.0 and the Metaverse

Many of the problems faced by blockchain ecosystems today are the same problems faced by the internet when it was just starting. The internet also suffered from slow transfer speeds, scalability issues, and a frequently frustrating experience. In recent years as blockchain technology outgrew the tightly knit community of first users and began drawing the interest of businesses, governments, as well as “the average Joe and Jane,” these problems have become exacerbated. The most pressing issue standing in the way of mass blockchain adoption is scalability. So what are the ways in which we can facilitate scalability？ One of the solutions is by building a multichain blockchain ecosystem.　　What is a multichain？　　A multichain is a series of bridges and parachains that connect existing blockchains to provide better services and work around the limitations of older technologies such as Bitcoin (BTC) and Ethereum (ETH). Blockchains such as Solana (SOL), Near (NEAR), and Cosmos (ATOM) are examples of such solutions. Their goal isnt to delegitimize the existence of older blockchains but rather to allow users to more fully take advantage of the things that Ethereum or Bitcoin excel at while redirecting traffic to these newer ecosystems that improve upon legacy technology. This has

2021-12-06Deep Dive

Binance plans to become registered UK firm despite regulatory setbacks

Binance CEO Changpeng Zhao said the exchange is planning to expand to the U.K. in the next six to 18 months, despite being instructed by the countrys regulator to cease trading earlier this year.　　The U.K.‘s Financial Conduct Authority (FCA) revoked Binance’s ability to trade in Britain in June, amid a sweeping regulatory crackdown on crypto exchanges. Binance is one of the worlds largest crypto exchanges.　　To become a registered crypto asset firm in the U.K., the platform must abide by money laundering and terrorist financing controls. To meet these requirements, Zhao indicated the company was considering setting up a specific company to run in the U.K. — similar to its Binance.US subsidiary.　　Zhao told the Telegraph on Dec. 4 that Binance plans to apply for an FCA license, having hired a “number of ex-regulatory staff from the UK and a ”couple of hundred compliance people since the FCA notice in June.　　In October, the crypto exchange giant hired the former head of international relations at the Dubai Financial Services Authority (DFSA), as its chief regulatory liaison officer to contribute to facilitating better relations with international regulatory bodies.　　Zhao also indicated that the platform is “fully re-engaged” with regulators, and is in the process of

2021-12-06Deep Dive

Croatia’s Largest Food Retailer Konzum Accepts Crypto in Online Shops

The biggest food producer and retailer in the Western Balkan region – Konzum – became the first retail chain in Croatia where customers can pay with digital assets. Currently, such transactions are available only in the online store, but the company plans to introduce the service across its supermarkets in the near future.　　In addition, the leading tech-focused North American e-retailer – Newegg – announced it will accept Shiba Inu (SHIB) as a form of payment on its platform during the Christmas holidays. Nothing – a London-based consumer technology company – will also allow cryptocurrency settlements for its newest product.　　 Crypto Invades The Balkan Peninsula　　Konzum – Croatias largest supermarket chain with more than 10,000 employees – revealed it will enter the cryptocurrency industry by accepting several digital assets as a means of payment. These include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), Stellar (XLM), Dai (DAI), EOS (EOS), Tether (USDT), and USD Coin (USDC).　　To enable such payments, Konzum cooperated with the domestic fintech company Electrocoin and its PayCek system, known as Croatias first cryptocurrency payment processor. Given the volatility of most digital tokens, the latter will guarantee the buyer a fixed exchange rate at the start of the transaction

2021-12-06Deep Dive

Crypto Debit Card: Blockchain Expert Explains Why Consumers Need to be Careful When Opening an Accou

Crypto debit card is now becoming a thing since various digital coin brands appear in the blockchain market.　　A bitcoin symbol is pictured at a cryptocurrency exchange branch near the Grand Bazaar in Istanbul on October 20, 2021, a day after Bitcoin took another step closer to mainstream investing with the launch of a new security on Wall Street tied to futures of the cryptocurrency.　　Despite these cryptocurrencies up and down trends, new investors are still arriving since they believe that Bitcoin and other digital coins could financially benefit them in the long run. 　　If you are one of those individuals who already own cryptocurrencies, you might already have your own crypto debit card or you are thinking of having one. 　　However, Merav Ozair, a blockchain expert at Rutgers Business School, explained that you and other interested consumers need to be careful when opening a crypto debit card account. Crypto Debit Card: Why You Need to be Careful With It　　Ozair claimed that cryptocurrency debit card providers usually advertise exciting reward programs to attract consumers. He added that they might also claim that their crypto debit cards have low charges. 　　A woman uses a bank ATM next to a Bitcoin ATM machine at

2021-12-05Deep Dive

HOW BITCOIN CREATES OUR NEW REALITY

Time is money,　　Money is time,　　But how are we printing money if we cant print time？　　You and I work for money. Money is meant to reflect the value of our time and energy, which becomes more scarce and valuable as we age. However, our money buys us less and less every day, which means money becomes less scarce and valuable as we age.　　Time and money are heading in opposite directions. Why？ Because unlike time, our money can be manipulated by a privileged few, disproportionately hurting the rest of society, especially non-asset holders during periods of inflation.　　Time is the most precious resource because no one can create more of it; it treats everyone the same and no one can cheat time. Bitcoin brings these qualities into money by creating its own sense of time.　　Time is a concept　　varies in space,　　so need a new clock　　to strum its own bass.　　Time differs across space, which means two working clocks can report different times due to time dilation - think of the (fictitious) planet on “Interstellar” where one hour equals seven years on Earth. In order to enable consistency and coordination across space, Bitcoin creates its own sense of time using blocks instead of seconds. Timestamping, in

2021-12-05Deep Dive

Quadency introduces a new and improved crypto trading platform

Quadency, a New York-based technology startup, announced the complete overhaul of its cryptocurrency trading and strategy automation platform.　　The platform was redesigned from the ground up to enable users to access digital assets across both centralized and decentralized exchanges, all through a single account.Quadency targets novice users with a revamped platform　　As part of the major upgrade, Quadency‘s proprietary platform will feature expanded automated strategies and tools, a faster, more simplified user experience, and a significant reduction in trading fees. According to the company’s press release, Quadencys native token QUAD will be leveraged to provide traders with further discounts on fees　　The platform and its integrated exchange will provide users with a single access point to a broad range of assets. The company believes that providing easy access to both centralized and decentralized sources will address the market fragmentation issues that are a major pain point for the crypto industry.　　Quadency will also adopt a distinct revenue model leveraging its native QUAD token. The token will be used to reward users who contribute to the crypto ecosystem by staking or sharing a bot strategy. This model will not only provide a new revenue stream for the company but also reduce the cost of using

2021-12-05Deep Dive

SEC Chair says he doesn’t support Bitcoin’s “off-the-grid” approach to finance

SEC Chair Gary Gensler finally reveals his stance on Bitcoin by saying he doesnt support its “off-the-grid” approach to finance.　　“In 2008, Satoshi Nakamoto wrote this paper in part as a reaction, an off-the-grid type of approach. It‘s not surprising that there’s some competition that you and I don‘t support but that’s trying to undermine that worldwide consensus.”　　Given Gensler‘s experience teaching blockchain technology at MIT, many billed him as the “right choice” to lead the securities regulator. But coming up to eight months since being sworn in, and it’s fair to say his tenure to date hasnt advanced the cryptocurrency sector how many imagined.　　More so, his recent comment above demonstrates that his allegiance lies with the legacy sector. But is this a surprise at all？Bitcoin is the competition to the banking sector　　Speaking at Wednesdays Digital Asset Compliance we layered that over a digital currency system called our banking system.”　　He went on to say that Bitcoin launched, in 2008, as a reaction to the banking system. Adding that, he doesnt support this “off-the-grid” approach as it undermines the banking consensus.　　However, Satoshi Nakamoto said Bitcoin is necessary as an alternative to a system of currency debasement. In effect implying central banks do not

2021-12-05Deep Dive

MetaFlower super mega yacht NFT sells for $650k in The Sandbox

As the world of the rich and famous starts to sit up and take notice of DeFi opportunities there has been a massive land grab to secure the best digital assets in some of the most popular metaverse projects. Week after week, buyers are snapping up sought-after assets. 　　Just last week we reported that Fashion Street Estate in Decentraland sold for $2.4 million. This week it is all about The Sandbox community. A plot of land has sold in The Sandbox for a whopping $4.3 million and a luxury virtual yacht has sold for $650,000. It is clear that the world of digital assets is exploding. 　　The three-storied yacht features two helipads, a dancefloor, hot tubs and a DJ booth. It was designed as part of a luxury NFT collection for The Sandbox. Private islands, speed boats and jet skis are some of the other digital assets available. The collection of 100 private islands sold out in under 24 hours.　　The Sandbox is one of the leading metaverse games where players can build, own and monetize their virtual experiences. It also gives players access to free design tools like VoxEdit and Game Maker so that they can customize their experiences within

2021-12-05Deep Dive

Bitcoin loses $10,000, or 17%, in 24 hours after overnight rout

Bitcoin prices dropped sharply overnight Saturday, plunging to a low near $43,000.　　The worlds most prominent cryptocurrency pared losses subsequently, last changing hands at around $47,915, according to Coin Metrics.　　From a 24-hour period spanning early Friday morning to early Saturday morning, bitcoins price went from about $57,000 to $47,000, losing $10,000, or more than 17%.　　The price of ether also dived to a low near $3,500 on Saturday. It came back somewhat afterward, trading near $3,870. Ether, the worlds second-largest digital coin by market value, lost more than 16% from Friday morning around 8 am ET through to Saturday 8 am ET.　　Crypto began falling Friday as stocks pulled back and investors fled to the safety of Treasuries, pushing the 10-year yield lower. Risky tech stocks were among the biggest losers on Wall Street on Friday, with Tesla shedding 6%. The ARK Innovation fund lost 5% on Friday and 12% on the week.　　As the sentiment soured in the tech space, those investors may have also started unloading their crypto.　　But there was no clear reason for the cryptocurrency drop, especially overnight Saturday when the losses accelerated.　　“The evidence points to this being yet another derivative-induced selling event,” wrote J.C. Parets, chief market strategist for All

2021-12-04Deep Dive
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